Sunday, July 12, 2020

Sonny Singh Says “Bitcoin is Really Catching on Fast” Outside of the U.S.

Sonny Singh, Chief Commercial Officer (CCO) of BitPay while in a discussion with
Bloomberg’s Joe Weisenthal said even though Bitcoin may be used for speculation in the U.S., it is really catching on fast in other countries. The CCO also outlined that each day Bitcoin maintains its price, it is good news to the community.

Weisenthal Hints Uncertainties that the Crypto Winter Has Ended

While on Bloomberg’s TV on April 2nd, Joe Weisenthal said it is surprising that most coins in the market also took a leap even those that are ‘garbage‘. Therefore, a question arises if the cryptocurrency winter has actually ended or this is another “blip”.

Sonny Singh, on the other hand, was asked how he felt about the current market prices. The CCO said he is unsure of what caused the price increment, but according to his analysis, he knew that once Bitcoin hit $4,300 there will be a zoom in the cryptocurrency price chart.

Bitcoin’s Recent Bull Rally Shows How the Global Bitcoin Trading Is

Singh also said that the rally shows how the global Bitcoin trading really is given that the spike occurred at different times in certain regions. The rally, for instance, occurred at night in America, during the day in Asian, and in the early hours of the morning in Europe. “Bitcoin truly does trade 24/7 around the world,” he added.

The CCO further outlined that the major takeaway from the bull market is that the prices of crypto assets did not crash after the rise. He added that for each day Bitcoin maintains its price, then its a good news to the cryptocurrency community.

According to Singh:

Places like the United States and Europe are kind of stable in the realm of cryptocurrencies but there are many other countries that need to consider crypto. Countries such as India, China, and Russia have vehemently opposed crypto and if any one of them change their regulations then there will be a massive Bitcoin boom.

When asked what will make Weisenthal more optimistic about Bitcoin, he said it is when there are more logical use cases for the virtual asset in countries where people’s financial freedom has been cracked down by the government. According to him, “that is a potential opportunity for Bitcoin.”

Alternatively, Singh pointed out that Bitcoin has actually gotten regional use cases in countries outside of the U.S. Some of these are Latin America and Asia. He concludes that “In America, most people just use it for speculation but outside, Bitcoin is really catching on fast.”

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